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DRA Exceeds Target with $2.3B Value-Add Fund
New York City-based DRA Advisors has raised $2.28 billion in its latest flagship fund series, DRA Growth & Income Fund XI, exceeding its original target. The single largest fund DRA has raised in its 38-year history, DRA XI will focus on value-add real estate investments throughout the U.S.
DRA XI attracted more than 60 investors from North America, Europe and Asia-Pacific, with more than 80% of the fund’s commitments coming from DRA’s existing investor base. The fund has already deployed approximately 15% of its capital into 10 separate investments in industrial, retail and multifamily assets.
“We are fortunate to have a supportive investor base that continues to believe in our team, our strategy and our ability to deploy capital,” said David Luski, DRA’s president and co-founder.
Added CIO Matt Shore, “We have a three-year acquisition period, and during this period we expect to see many compelling opportunities to capitalize on distressed situations and motivated sellers.”
Pictured: DRA Advisors’ Midtown Manhattan headquarters.
